Finance staff reports February 2025 monthly results; board to review budget projections and revisions in May

Miss Elwood, a district finance staff member, presented the School District of Beloit’s monthly financial statements through February 2025 and highlighted near‑term cash activity and forthcoming budget work.

She told the Business Operations and Finance Committee the district had a PMA investment that matured in March and produced $51,000 in interest in March (an amount that does not affect February results). The district plans to reinvest roughly $4,000,000 through June; Miss Elwood said that reinvestment would generate about $40,000 in additional interest through the end of the fiscal year.

Miss Elwood said year‑to‑date revenues for Fund 10 are similar to February of last year except for property taxes, which are lower because the levy this year was “about half” of last year’s and property tax receipts for Fund 10 typically do not appear until the end of the school year. She reminded the committee that most district revenue comes from state equalization aid, which arrives in September, December, March and June, and said a large influx is expected next month.

On expenditures, Miss Elwood reported the district’s year‑to‑date salary spending is about 53% of budget, compared with roughly 52% at the same point last year. Overall spending across all funds was about 39% versus 40% a year earlier. She said supplies spending is down largely because of purchases made last year with ESSER funds. Fund‑level percentages cited included Fund 27 at 18% year‑to‑date and an overall 34%–35% comparison on another fund noted in the presentation.

Committee members asked for projections and scenario work. Miss Elwood said she will run projections over the next month, noting teaching payroll timing (teachers are paid through August but costs are charged back to the fiscal year) complicates an immediate estimate. She said health insurance claims have been lower this year than last year but cautioned that high claims can emerge late in the year.

Committee members also asked about the district’s OPEB trust funds held at Associated Bank. Miss Elwood said that account appears without a displayed rate in the report but is earning interest; Dr. Garrison confirmed the administration’s goal is not to use OPEB funds this year.

Miss Elwood said the district will prepare budget revisions and bring them to the board in May and that the administration is preparing a debt presentation at the board’s request. Committee members moved to forward the financial reporting to the full board; the motion passed unanimously in committee.

Clarifying details from the meeting: the March interest payment on a matured PMA investment was reported as $51,000, the planned reinvestment was about $4,000,000 with an expected ~$40,000 in interest through June, year‑to‑date salary spending was reported at 53% vs. 52% last year, and reported overall year‑to‑date spending across funds was about 39% vs. 40% last year.